IGCSE, A Level Business Student Forum

Q4 Analyse how an entrepreneur can be successful by being self-confident & Independent. [6]

Possible Structure:
[KN]
[AN]
[AN+]

[KN]
[AN]
[AN+]

[KN] Innovation.
[AN] Self-confidence enables entrepreneurs to think creatively and come up with new ideas
[AN+] When they believe in themselves, they are more likely to trust their unique insights and bring novel products or services to the market.

[KN] Decision Making,
[AN] Independent entrepreneurs have the freedom to make decisions without external influence. They can adapt quickly to changing circumstances, which is crucial in the dynamic business world.
[AN+] They are not bound by the constraints of a bureaucracy or hierarchy, which can slow down decision-making processes.

[KN] Risk taking
[AN] Self confidence can reduce the fear of failure. Entrepreneurs who believe in their abilities are more willing to take calculated risks.
[AN+] which can lead to innovation and growth.

[KN] Decision making
[AN] Entrepreneurs have to make decisions without relying on others. This allows for quick responses to market changes and greater control over the business.
[AN+] They should not reply on others and if they will do this. it will eventually lead to slow decision making process

[KN] Self confident
[AN] This helps them make quick decision
[AN+] With the ability to make quick decision helps to solve their problems to solve as soon as possible

[KN] independent
[AN] Risk taking would be easier for them as they are independent
[AN+] leads to an successful business

[KN] independent entrepreneurs make better decisions
[AN] they wont have to wait for orders to respond to market changes and will be able to respond immediately
[AN+] this allows them to grab great opportunities to make more money

[KN] self confidence makes more innovative products
[AN] when a man or woman is confident in their abilities, they will have a better scope of innovation as they will trust their abilities which leads to longer saturation period for the business
[AN+] this results in more customer retention and helps make more profits

[KN] Self confident
[AN] This can help them make better and unique decisions
[AN+] This makes them different from other firms and hence brings success to the business

[KN] independent
[AN] the risk taking ability would be different and the individual would want to make a successful business for themselves
[AN+] Thus the self commitment and having such a responsibility will moist likely lead to a successful business

[KN] Decision Making Skills
[AN] Self-confident entrepreneurs are more likely to trust their own judgment when making critical decisions for their businesses
[AN+] This self-assuredness enables them to act decisively and take calculated risks.
[KN] Innovation
[AN] Independent thinking often leads to innovative ideas.
[AN+] Entrepreneurs who are self-confident in their creativity and problem-solving abilities are more likely to bring unique products or services to the market.

[KN]Risk-Taking
[AN] Self-confident entrepreneurs are more likely to take calculated risks. They believe in their abilities to overcome challenges and view risks as opportunities for growth. This willingness to take risks can lead to innovative ideas, expansion, and ultimately, success.
[AN+]Thus this may lead to increased productivity

[KN]Ownership and Accountability
[AN]Independent entrepreneurs take ownership of their decisions and actions. They are fully accountable for the outcomes, which often leads to a strong sense of responsibility and dedication to their business's success.
[AN+]Thus this ownership leads to more responsibility of the entrepreneur

(kn)self confidence leading to risk taking ability (an) when an entrepreneur is confident in his abilities he will take risks (an+) if these risks happen to work out in favour of the entrepreneur it can result in a profitable end
(kn) an independent individual owns up to his actions(an) a fit and able leader is he who owns up to whatever he does whether it be a mistake or an up for the firm(an+) thus independence can lead to increased trust in the entrepreneur

(KN) Self confidence leading to risk taking ability
(AN) When an entrepreneur is confident in his abilities he will take risks
(AN+) If these risks happen to work out in favour of the entrepreneur it can result in a profitable end

(KN) An independent individual owns up to his actions
(AN) A fit and able leader is he who owns up to whatever he does whether it be a mistake or an up for the firm
(AN+) Thus independence can lead to increased trust in the entrepreneur

[kn] being independent helps to own up to your actions
[an] if the owner is ready to admit to his mistakes and holds himself accountable for whatsoever happens to the business
[an+] it leads to success as in this way the owner is more responsible and sensible.
[kn] in order to be successful risk-taking ability has to be a skill which is where self-confidence takes place
[an] being confident in your abilities allows u to take risks that can boost your business and help follow your own visions
[an+] that way the owner can take the business towards whatever idea's and visions they have helping to create a unique brand that may attract consumers.

[kn] by his risk-taking character
[an] an entrepreneur can be successful if hes willing to take a risk and believe in himself while doing so without fear of losses
[an+] this can lead to success as he can gain experience and would know what future choices may be taken

[kn] by keeping himself educated on the market changes
[an] since a business requires quite alot of decion making processes, an entrepreneur should always keep himself up to date withe the lastest market trends, prices, demands etc in order to make effective decisions towards the success of his business
[an+] this leads to effective desicion making and benefits the business

[KN]manage finance wisely
[AN]INDEPENDENT MEANS u can mange ypur finance and resources efficiently u dont need the contant guidence and make the most of what u have
[AN+]managing is imp part of the business as it is essetial for success of the business

[KN]seek knowledge
[AN]a confident and independent entrepreneur is ope to learn he can seek information and expertise his business
[AN+]and it is essential for long term success of the business

(Kn) independency leads to self control (an) Self control gives the entrepreneur chances to control the business accordingly and make decisions based on his/her vision (an+) Hence this helps grow the business

(Kn) Confidence allows risk taking (an) when the entrepreneur is confident in the decisions it makes they are likely to not go wrong and risk can often lead to good outcomes (an+) Therefore it can increase market share.

[KN] Strong decision making power.
[AN] Entrepreneur who are self confident often have the ability to take strong decisions and stand on them which reduces the fear of failure.
[AN+] It leads to innovation and creativity.

[KN] No reliance on others.
[AN] In case of any mishap, entrepreneur will be able to think of a solution more independently rather than taking hundreds of opinion and getting confused.
[AN+] Thus this will lead to having problem solving skill which can be helpful in many business matters.